Neptune Wellness Announces Repayment of Senior Secured Notes

Rhea-AI Summary

Neptune Wellness Solutions Inc. announces repayment of senior secured notes and settlement of class action lawsuit.

Positive

• Neptune Wellness Solutions Inc. has prepaid its senior secured notes with a payment of approximately $2.3 million. The notes had an original principal amount of $4 million and bore a fixed interest rate of 16.5% per annum.

Negative

• None.

Company also announces completed settlement of class action lawsuit 

LAVAL, QC, Oct. 13, 2023 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT), a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, has prepaid in full its senior secured notes with CCUR Holdings, Inc. and Symbolic Logic, Inc., after a payment of approximately $2.3 million. The senior secured notes had an original principal amount of $4 million and bore a fixed interest rate of 16.5% per annum.

Additionally, the Company has completed the previously announced settlement of a putative shareholder class action lawsuit filed against Neptune and certain of its current and former officers and directors.

About Neptune Wellness Solutions Inc.

Neptune is a consumer-packaged goods company that aims to innovate health and wellness products. Founded in 1998 and headquartered in Laval, Quebec with a United States headquarters in Jupiter, Florida, the company focuses on developing a portfolio of high-quality, affordable consumer products that align with the latest market trends for natural, sustainable, plant-based and purpose-driven lifestyle brands. The company's products are available in more than 29,000 retail locations and include well-known organic food and beverage brands such as Sprout Organics, Nosh, and Nurturme, as well as nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and adaptable manufacturing and supply chain infrastructure, the company can quickly respond to consumer demand, and introduce new products through retail partners and e-commerce channels. Please visit neptunewellness.com for more details.

Disclaimer – Safe Harbor Forward–Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of management on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/neptune-wellness-announces-repayment-of-senior-secured-notes-301956680.html

SOURCE Neptune Wellness Solutions Inc.

FAQ

What did Neptune Wellness Solutions announce?

Neptune Wellness Solutions announced the repayment of its senior secured notes and the settlement of a class action lawsuit.

How much did Neptune Wellness Solutions pay to repay the senior secured notes?

Neptune Wellness Solutions made a payment of approximately $2.3 million to fully repay the senior secured notes.

What was the original principal amount of the senior secured notes?

The original principal amount of the senior secured notes was $4 million.

What was the interest rate on the senior secured notes?

The senior secured notes had a fixed interest rate of 16.5% per annum.

What is Neptune Wellness Solutions' focus?

Neptune Wellness Solutions is focused on developing consumer-packaged goods that align with the latest market trends for natural, sustainable, plant-based, and purpose-driven lifestyle brands.

Where is Neptune Wellness Solutions headquartered?

Neptune Wellness Solutions is headquartered in Laval, Quebec, with a United States headquarters in Jupiter, Florida.